The Real Deal Miami

Latin American investor buys apartment complex for $2.7M

August 25, 2011 04:41PM

Domus Group, a Latin American investor, has purchased a 28-unit apartment building at 1818 Meridian Avenue in Miami Beach for $2.7 million. Built in 1956, the property was 89 percent occupied at the time of closing. “This sale shows that the South Beach multi-housing market remains exceptionally strong,” said Calum Weaver, who co-chairs the CB Richard Ellis Multi-Housing Private Capital Group in South Florida and negotiated the transaction on behalf of the seller. “There are a multitude of investors, predominately from outside the U.S., who are aggressively competing for a limited number of multi-housing opportunities on South Beach. These investors are seeking value-add opportunities that will yield higher returns in the future by implementing a capital improvement program at the property. They are willing to pay a premium for a property that may not have strong financials, but provides significant upside potential.” — Katherine Clarke